Intel shares fell roughly 8% in early New York trading after new Chief Executive Officer Lip-Bu Tan signalled deeper cost cuts, warned the company could exit its nascent foundry business and reported a wider quarterly loss. For the three months ended 28 June, revenue was little changed at US$12.9 billion, but the net loss widened to US$2.9 billion as restructuring charges and weaker margins offset better-than-expected sales. Intel projected a steeper loss for the current quarter despite forecasting revenue of US$12.6 billion to US$13.6 billion. Tan, who took over in March, said Intel will end 2025 with about 75,000 employees, down more than one-fifth from a year earlier, and will slash capital spending. He cancelled a planned €30 billion ‘megafab’ in Magdeburg, Germany, a packaging plant in Wroclaw, Poland and will consolidate assembly and test operations in Costa Rica, while slowing construction of a new manufacturing complex in Ohio. The chief executive blamed what he called “excessive and unwise” investments by his predecessor and told staff “there are no more blank checks”. He added that without firm customer commitments Intel may abandon advanced 14A production technology and could leave the foundry market entirely, underscoring a strategic pivot toward cash preservation and a tighter focus on AI and core x86 chips.